Sensex, Nifty trim gains but continue to trade in green

Indian equities trimmed most of their gains in afternoon session, as caution set in ahead of Futures and Options (F&O) derivative expiry for September series due today. Some concern also came in with private report indicating that corporate India's merger and acquisition activity moderated in August with 23 deals worth $845 million, the second lowest monthly deal volume till date amid ongoing global uncertainties. However, the trade remained in positive terrain, as some optimism remained among the traders with Union minister Som Parkash’s statement that the Centre is determined to bring economic growth to 7-8% at the earliest, asserting that the government has taken many steps to boost the economy. Meanwhile, Employees' State Insurance Corporation’s (ESIC) latest payroll data showed that around 14.24 lakh jobs were created in July, higher than 12.49 lakh in the previous month. On the global front, Asian markets were trading mostly in green following upbeat comments from US President Donald Trump that a trade deal with China could come sooner than expected and steps towards a new agreement with Japan. 

The BSE Sensex is currently trading at 38770.61, up by 177.09 points or 0.46% after trading in a range of 38676.11 and 39158.07. There were 23 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.48%, while Small cap index was up by 0.14%.

The top gaining sectoral indices on the BSE were Metal up by 1.52%, Oil & Gas up by 1.52%, PSU up by 1.48%, Auto up by 1.41% and Bankex was up by 1.13%, while FMCG down by 0.40%, IT down by 0.36% and TECK was down by 0.17% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 2.66%, Mahindra & Mahindra up by 2.52%, Vedanta up by 1.95%, ONGC up by 1.94% and Maruti Suzuki was up by 1.90%. On the flip side, Yes Bank down by 3.17%, Hindustan Unilever down by 1.35%, HCL Technologies down by 0.66%, Infosys down by 0.56% and ITC was down by 0.46% were the top losers.

Meanwhile, the Employees' State Insurance Corporation (ESIC) in its latest payroll data report showed that around 14.24 lakh jobs were created in July 2019, higher than 12.49 lakh in the previous month. As per the National Statistical Office (NSO) report, gross enrolments of new subscribers with the ESIC were 1.49 crore during 2018-19. The NSO report is based on the payroll data of new subscribers of various social security schemes run by the ESIC, retirement fund body EPFO and the Pension Fund Regulatory and Development Authority (PFRDA).

According to the report, around 2.83 crore new subscribers joined the ESI scheme during September, 2017 to July, 2019. Gross new enrolments with the ESIC during September 2017 to March 2018 were 83.34 lakh.  A net of 11.61 lakh new enrolments with the Employees' Provident Fund Organisation (EPFO) were recorded in July, as compared to 10.75 lakh in June this year.

It further showed that during 2018-19, 61.12 lakh new subscribers on a net basis joined the social security schemes run by the EPFO. Similarly, the net new enrolments were 15.52 lakh during September 2017 to March 2018. It showed that during September, 2017 to July, 2019; around 2.65 crore new subscribers joined the EPF scheme.

The CNX Nifty is currently trading at 11502.20, up by 62.00 points or 0.54% after trading in a range of 11466.35 and 11610.85. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were ICICI Bank up by 2.80%, Indian Oil Corporation up by 2.77%, Mahindra & Mahindra up by 2.67%, Hindalco up by 2.58% and BPCL was up by 2.32%. On the flip side, Yes Bank down by 3.17%, Hindustan Unilever down by 1.57%, JSW Steel down by 0.77%, Cipla down by 0.69% and Infosys was down by 0.63% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite soared 48.40 points or 0.79% to 6,194.80, Nikkei 225 surged 28.09 points or 0.13% to 22,048.24, Straits Times advanced 4.59 points or 0.15% to 3,130.41, Hang Seng increased 4.13 points or 0.02% to 25,949.48 and KOSPI was up by 1.13 points or 0.05% to 2,074.52.

On the flip side, Taiwan Weighted dropped 1.70 points or 0.02% to 10,871.99 and Shanghai Composite was down by19.19 points or 0.65% to 2,936.24.